N.J. Admin. Code § 18:15-9.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 18:15-9.1 - Apportionment valuation of land; classification; assessment ratio

(a) The Director, in equalizing the value of land assessed and taxed under the Act for the purposes of State school aid, and each county board of taxation in equalizing the value of such land for the purpose of determining the "apportionment valuation" under N.J.S.A. 54:4-49, shall determine the true value of such land on the basis of its agricultural or horticultural use.

(b) In the sales-ratio analysis for such purposes, the assessed value of farm property is to be divided into two categories, namely, farmland assessed under the Act and farmland assessed as other real property in the taxing district.

(c) A separate assessment ratio is then to be determined for each property classification, except that the assessment ratio determined for the classification "Residential" is also applied to the classification "Farmland Assessed Under the Act." (See N.J.A.C. 18:12-2.2 )

(d) The true value for each classification, the true value of all property in the district, and the average assessment ratio for the district, is to be determined in accordance with the established sales-ratio procedures.

N.J. Admin. Code § 18:15-9.1

Amended by 49 N.J.R. 118(b), effective 1/3/2017